The Cayman Islands has been copied in on the United Kingdom’s recent “asset freeze” order against 18 former high-ranking members of the Ukraine government and their relatives.
The 18 people on the U.K. list, including former Ukrainian President Viktor Yanukovych, his sons and some of his advisors and government ministers, are to have any financial resources in the U.K. or its overseas territories “frozen” – meaning the funds cannot be used or transferred.
Anyone who knowingly handles such assets can be prosecuted with a potential term of imprisonment of seven years, according to the order made March 7 by Queen Elizabeth via the U.K. Privy Council.
“The order freezes, in specified overseas territories, the assets of persons who have been identified as responsible for misappropriation of Ukrainian state funds,” according to the document. Corresponding sanctions have been issued against the former Ukrainian leaders by the European Union.
The order forms part of the U.K. and overseas territories’ response to recent events in the Ukraine.
Ukraine, a nation of 46 million, is battling to regain order since former President Yanukovych was ousted in February following months of protests. The protests were sparked by his decision to back away from closer relations with the European Union in favour of Russia, of which it was formerly a part.
Over the last few weeks, an interim government has formed, Ukraine lost Crimea to Russia and further possible military incursions by Russia are feared. The country is also bracing for a turbulent political season ahead of the presidential vote.
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